Which of the Following Accounts Are Closed at the End

question 96

Multiple Choice

Which of the following accounts are closed at the end of the accounting period?

• A)Allowance for uncollectible accounts.
• B)Unearned revenue.
• C)Retained earnings.
• D)Income tax expense.

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Definitions:

Variable Rate

A variable rate refers to an interest rate that changes periodically over the life of a loan or financial instrument based on an underlying benchmark interest rate or index.

Mortgage Notes

Legal documents that bind a borrower to repay a lender for a property loan, detailing the terms of the loan agreement.

Fluctuating

Experiencing frequent, irregular changes in level, quantity, or value.

Negotiable Instruments

Financial documents that promise payment to the holder under specific conditions, including checks, promissory notes, and bills of exchange.